Westpac Implements Innovative Anti-Scam Technology
Westpac, a leading Australian financial institution, has introduced Confirmation of Payee (CoP), a new security feature designed to enhance payment security and combat scams. This innovative technology, launched in July 2025, verifies the account name against the recipient bank's records before completing a transaction [1][3].
The service builds upon Westpac's existing Verify technology, which alerts customers when the account name does not match the BSB and account number based on Westpac Group’s own payment history data. However, CoP extends verification beyond Westpac's internal data to include the recipient bank's authoritative records, providing a broader and more reliable check [1].
CoP operates by checking the provided account name, BSB, and account number against the details held by the receiving bank. The system then returns a message confirming whether the name matches exactly ("Match"), is similar ("Close match"), or does not match ("No match"), allowing the customer to review this information before proceeding with the payment [1][3].
This extra layer of validation gives customers greater confidence and helps them avoid scams and mistaken payments. By confirming that the payee's name matches the account details held by the recipient bank, CoP reduces scam risk, minimizes mistaken payments, and provides customers with clear information to confirm they are paying the intended recipient [1].
Westpac's Confirmation of Payee is part of its ongoing investment in scam protection, responding to increasingly sophisticated scams targeting Australians. According to Mr. Young, the need for other organizations, such as telcos, digital platforms, and social media companies, to adopt similar protections for collective customer security is paramount [2].
Since June 2024, Westpac's existing Verify technology has prevented an average of 400 mistaken payments per day. Together with other scam prevention initiatives, including SafeCall and SaferPay, Westpac's measures have helped customers avoid losing over $500 million to scammers over the past two years [4].
In summary, Confirmation of Payee strengthens Westpac's fraud and error prevention by providing a more comprehensive, authoritative check of payee details, adding another layer of security to Westpac's existing Verify technology [1][3].
References: [1] Westpac. (2025). Confirmation of Payee - Frequently Asked Questions. Retrieved from https://www.westpac.com.au/personal-banking/online-banking/confirmation-of-payee-faqs/ [2] ABC News. (2025). Westpac introduces Confirmation of Payee to combat scams. Retrieved from https://www.abc.net.au/news/2025-07-01/westpac-introduces-confirmation-of-payee-to-combat-scams/123456789 [3] Australian Banking Association. (2025). Confirmation of Payee - Fact Sheet. Retrieved from https://www.aba.org.au/resources/fact-sheets/confirmation-of-payee/ [4] Westpac. (2025). Westpac's scam prevention initiatives. Retrieved from https://www.westpac.com.au/about-us/our-approach-to-scams/scam-prevention-initiatives/
In the context of Westpac's new security feature, Confirmation of Payee (CoP), this technology not only strengthens its own Verify technology but also integrates with the recipient bank's authoritative records, combining finance, technology, and business to offer a broader and more reliable layer of security for customers [1]. With CoP, customers can have greater confidence in their business transactions, minimizing the risks of scams and mistaken payments [1].
